The price of shoebox apartments now are pretty high, with those more than 400sft generally selling between $700K to $1M (or above $1M in CCR).
If anybody were to purchase these units as investment, then they are probably thinking that they would be able to sell these small units for more than $1M in the future. This of course is a matter of time.
Question is, do you think people will fork out more than $1M to buy a 400sft apartment in RCR/OCR?
Also, as a generic example, which would you choose: a brand new FH 400sft unit in D15 for say $800K, or a 900sft two bedroom unit in an old 99yr condo (e.g. Mandarin Gardens) for $900K?
The shoebox to me does look attractive investment given the relatively lower quantum but I just wonder if people will pay that much to buy one in the future.
Just trying to rationalize the above to see if I need to change my investment strategy.